Fed officials speak this afternoon. There is no decision and no new projection. The front end can still move, because the last CPI left the market unbalanced.
The desk treats speakers as event risk for the two-year, not as a reason to rebuild the equity book. A line in a speech is not a meeting outcome.
Size into the event stays the size from before, unless the book is explicitly there to trade the front end. The note is not a solicitation.
What the desk is watching
- Speakers this afternoon, no meeting
- The risk sits in the front end
- No reason to rebuild the equity book